"We got more investing wisdom than most people can consume in a lifetime," the "Mad Money" host said about the interview.
Buffett revealed to "Squawk Box" that after Jan. 1 and before Apple's earnings on Jan. 31, Berkshire Hathaway purchased 120 million shares. That put Apple neck and neck with Coca-Cola as its largest position.
Cramer marveled at the simplicity of Buffett's approach when he explained that when he takes his great-grandkids and their friends to Dairy Queen, they all have an iPhone. That prompted him to do homework on the balance sheet, capital allocation, earnings and decide that Apple was a good buy.
Buffett also said that one never knows when there could be panic in the market, but that is the best time to buy. More important, Buffett pointed out that if investors have a long-term perspective, the best time to start buying could be now while the market is not in a bubble.
"What is amazing about this is that Buffett did what literally anyone can do," Cramer said.
He started with an idea, did the homework and realized it was a great stock.